If a Trial Balance tallies, it indicates: MCQ with Answer and Explanation

Question

Share Report Error

If a Trial Balance tallies, it indicates:

A. All transactions are recorded correctly

B. No errors exist

C. Books are complete

D. Only arithmetical accuracy, errors may still exist

Answer: Option D

Solution (By JKSSB Mock Tests)

Agreed trial balance is not conclusive proof of accuracy; errors of principle, omission, commission may still be present.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The 'External Commercial Borrowings' (ECB) policy is governed by:

A. DGFT

B. Ministry of Finance

C. RBI

D. SEBI

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
ECB policy and regulations are formulated by RBI in consultation with Government.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

Ind AS in India are converged with:

A. US GAAP

B. IFRS

C. UK GAAP

D. ASB standards only

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Indian Accounting Standards (Ind AS) are converged with International Financial Reporting Standards (IFRS).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

In the absence of a partnership deed, profits are shared:

A. Equally

B. Based on experience

C. Based on age

D. In the ratio of capital

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
As per Indian Partnership Act, 1932, in absence of a deed, profits and losses are shared equally among partners.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Explore All Accountancy and Book Keeping MCQs